In a significant development in the cryptocurrency market, BlackRock’s iShares Bitcoin Trust ETF (IBIT) witnessed its largest-ever single-day outflow of $188.7 million on December 24, surpassing its previous record of $72.7 million set on December 20, according to data from CoinGlass.

Record-Breaking Outflows for IBIT

The significant outflow from BlackRock’s iShares Bitcoin Trust ETF (IBIT) is a notable development in the cryptocurrency market. This is not an isolated incident, as all 11 United States-based spot Bitcoin BTC ETFs saw joint total outflows hit $338.4 million on Christmas Eve.

Cumulative Net Outflows for US-Based Spot Bitcoin ETFs

Since December 19, the funds have seen joint net outflows of $1.52 billion. The data from CoinGlass also shows that IBIT has had rare outflow days in its all-time flow history.

Ether ETF Inflows Continue

On the other hand, Ether ETFs experienced two consecutive days of inflows in the lead-up to Christmas. US spot Ether ETH ETFs continued their momentum with a second day of inflows on December 24, adding $53.6 million after a $130.8 million inflow on December 23.

Ether ETFs Gain Traction

Launched in July, the Ether funds had a slow start compared to the strong early momentum that spot Bitcoin ETFs saw after their January launch. However, since late November, the Ether ETFs have gained traction, having seen an 18-day inflow streak that was broken on December 18.

Bitcoin and Ether Prices

At the time of writing, Bitcoin was trading at $98,035, up 4.59% in the last 24 hours, while Ether was trading at $3,420, up 3.28% over the same period, according to CoinMarketCap data.

ETH/BTC Ratio

TradingView shows that Ether’s relative strength to Bitcoin — the ETH/BTC ratio — is currently at 0.035. Some analysts say that ETH may outperform BTC in January 2025.

US Bitcoin ETFs Surpass Gold Funds

Meanwhile, net assets in US Bitcoin ETFs surpassed gold funds for the first time on December 16, according to K33 Research. On December 16, the US Bitcoin funds collectively broke $129 billion in assets under management (AUM), surpassing US gold ETFs, which held just shy of that figure.

Impact of AUM Figure

The AUM figure includes spot BTC ETFs as well as ETFs that track Bitcoin’s performance using financial derivatives, such as futures. This significant milestone highlights the growing interest in Bitcoin ETFs and their increasing popularity among investors.

Conclusion

In conclusion, the record-breaking outflows from BlackRock’s iShares Bitcoin Trust ETF (IBIT) are a notable development in the cryptocurrency market. The significant outflow is a stark contrast to the inflows experienced by Ether ETFs, which have seen two consecutive days of inflows in the lead-up to Christmas.

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Note

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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